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Politics : Formerly About Applied Materials

AMAT 223.95

+1.7%

Nov 21 9:30 AM EST

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From: advocatedevil	6/29/2001 11:28:53 PM
	Read Replies (4) of 70976

Strategy Change Today was bizarre. This morning I pressed my short-play into a very large position and painfully watched as AMAT continued to move higher. When we were near $53 I was staring at a $10K set-back. Luckily, the tides turned and we moved lower. The final hour and extended trading was hectic. I made close to twenty trades, covering short-term short plays, selling short-term long plays, and finally converting it all to cash with one exception (I'll explain in a second). In the process I covered my AMAT short for a surprisingly nice profit, but more importantly for me, I reached a significant personal goal. YTD short-term trading profits in AMAT and LRCX today reached the level where I could buy 1600 shares of AMAT at what would equate to a zero cost basis. So I did it - I made the long play. Those shares added to 400 shares I had been holding forever in another account add up to a nice round 2000 share position going into the next up-cycle. So let it be known that I'm now a full-fledged AMAT long term bull, both in spirit and on paper. While I don't expect great results from AMAT in the near-term, I won't be trading these shares. I haven't really changed my feelings about the sector at this point, it's just that I've simply reached a key objective. I'm tucking them away and won't dust them off until we begin discussing the next cycle top on this thread. In addition, I'm now 100% cash in my trading account. I'm going to re-group here and set some new goals and consider some new stocks to trade. I may still trade AMAT short-term if I see an opportunity, but certainly not at the level I have these past 5 months (and I won't touch my long position). It's been fun and I have truly enjoyed all the thread regulars here. The commentary and exchange has been great. Having been a bear, I think it's noteworthy that the bulls here displayed class by treating me with respect. Thank you. AdvocateDevil

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